Victra is the largest exclusive authorized retailer for Verizon Wireless, operating nearly 1,800 stores across the U.S. to sell Verizon products, services, and accessories. Pulse 2.0 interviewed Victra founder and CEO Rich Balot to gain a deeper understanding of the company.
Rich Balot’s Background
Could you tell me more about your background? Balot said:
“I was born and raised in New Jersey and moved to North Carolina as a teenager. I’ve always had an entrepreneurial drive. In fact, I started my first company when I was just 14. That early drive eventually led me into the wireless world, where I opened my first store selling cellular phones and beepers in 1996.”
“At this stage, I focus on strategy, our partnership with Verizon, and identifying new business lines and growth opportunities. It’s about steering the company in the right direction while keeping our people and culture strong. Specifically, I believe CEO’s only have five jobs. 1- Mission/Vision – not the technical version, but more FOLLOW ME, here is where we are going. 2- Right Team – my direct reports and one level down. 3- Cash – are we making money and do we have it. (Both P&L and cash flow). 4- Key Relationships: attorneys, accountants, large vendors, etc. 5- Continue my own education: reading, conferences, classes, etc.”
Formation Of Victra
How did the idea for Victra come together? Balot shared:
“My dad had been out of work for a while, and I was trying to help him find a job and telecom was growing exponentially at the time. So, in 1996, my brother and I opened our first mobile phone store in Wilson, North Carolina, and my dad became our very first employee. That business would eventually become Victra.”
Core Products
What are the company’s core products and offerings? Balot explained:
“Victra is the largest authorized retailer for Verizon in the U.S., operating ~1,800 stores in all 50 states for Verizon and Total Wireless. We provide mobile phones, wireless service plans, accessories, and home internet solutions.”
Evolution Of The Company’s Technology
How has your technology evolved since launch? Balot noted:
“When we started, we were just trying to get people connected. Today, we’re investing heavily in artificial intelligence, especially around personalization and improving customer engagement.”
Favorite Memory
What’s been your favorite memory working at Victra so far? Balot reflected:
“There have been many milestones, but one of the most meaningful was returning in 2019 to lead the company again and help turn it around. I retired as CEO in 2015. That journey has been incredibly fulfilling. Seeing our culture shift and performance skyrocket after a tough stretch is something I’ll never forget.”
Challenges Faced
What have been some challenges in your sector, and how have you navigated them? Balot acknowledged:
“One of the biggest hurdles has been managing the sheer velocity of technological advancement. Devices are becoming more powerful and feature-rich every year, and guests expect to access the latest technology with minimal friction. This has reshaped our selling model and required us to invest in training, inventory agility, and marketing that meets guests where they are, often before they even know they want the next device.”
“To navigate these changes, we’ve leaned into personalization and transparency, offering guests more choice, control, and clarity around pricing and service.”
Significant Milestones
What are some of Victra’s most significant milestones? Balot cited:
“Growing from one store in Wilson to over 1,800 nationwide. Merging with a larger company in 2015. Taking the reins again in 2019 and leading a massive cultural and operational reset. Then in 2022, we acquired GoWireless—our biggest deal yet.”
Customer Success Stories
Can you share any notable customer success stories? Balot highlighted:
“Our success isn’t just measured by transactions; it’s about empowering our team to build lasting relationships. We’ve had store reps go above and beyond during hurricanes and wildfires, helping guests stay connected in emergencies and supporting their communities. That’s where our impact really shows.”
Funding/Revenue
Are you able to discuss funding or revenue? Balot revealed:
“Our revenue now exceeds $3 billion. That growth came from a combination of organic expansion and strategic acquisitions. After initially selling Victra to private equity, I later returned and repurchased a majority stake with my brother. It’s been a journey of scaling smart, staying resilient, and keeping the mission front and center.”
Total Addressable Market
What is the total addressable market (TAM) Victra is targeting? Balot assessed:
“The wireless space is enormous and continues to evolve with home and business internet solutions powered by 5G technology along with the traditional smartphones, smart phones, etc. Anyone can ultimately be a Victra customer if they walk into one of our retail locations.”
Differentiation From The Competition
What makes Victra different from its competitors? Balot affirmed:
“Culture, speed and agility are our secret weapons. We offer uncapped commission to sales reps, clear growth paths into leadership, and we’re fanatical about getting the right people in the right roles. Our stores operate with the polish and professionalism you’d expect from Verizon, with the heart of an entrepreneurial team.”
Company Culture
What is Victra’s company culture like today? Balot emphasized:
“We invest in leadership coaching, promote from within, and hold ourselves accountable through quarterly strategic planning rhythms. We’ve built a place where top talent can thrive and thoughtful and intentional career pathing is offered to all team members.”
Future Company Goals
What are your goals for the future? Balot concluded:
“We want to keep building. That means expanding product lines and continuing to grow our store footprint strategically. But beyond business goals, I’m also focused on giving back, supporting education, and community and health initiatives. This is about legacy for me now. I’m also super proud to support a charity that my wife has started and our family financially supports primarily: HavenatBlueCreek.com.”
